White & Case Advises investor consortium led by APG on Acquisition of 50 percent of the Shares in Stockholm Exergi from Fortum for SEK 29.5 billion
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Global law firm White & Case LLP has advised a consortium of long-term European institutional investors comprising APG Asset Management N.V., PGGM Vermogensbeheer B.V., Alecta pensionsförsäkring, Keva and AXA Infrastructure Equity on the acquisition of 50 percent of the shares in Stockholm Exergi Holding AB from Fortum.
The total consideration is approximately SEK 29.5 billion (approximately €2.9 billion based on current currency rates) and is based on a 100 percent enterprise value of SEK 71.9 billion (approximately €7.1 billion based on current currency rates). The transaction is subject to customary closing conditions. Closing is expected to take place before the end of 2021.
Stockholm Exergi is the local energy company of Stockholm, owned by the City of Stockholm and Fortum. It provides highly environmentally sustainable heating for more than 800,000 people in metropolitan Stockholm and cooling for over 400 hospitals, data centres and other properties, making it the largest and most versatile district heating and cooling provider in the Nordics. In 2020, Stockholm Exergi's heating and cooling sales were 7.6 TWh and power sales 0.7 TWh with an EBITDA of SEK 2.8 billion.
Fortum is a European energy company active in more than 40 countries, which provides customers with electricity, gas, heating and cooling as well as smart solutions to improve resource efficiency. It has approximately 19,000 employees and a combined balance sheet of approximately €69 billion. Fortum’s shares are listed on Nasdaq Helsinki.
APG Asset Management invests and grows the investment capital of over 4.7 million Dutch pension participants. It is a leading global, long-term, responsible investor, with over 1,000 financial professionals located across offices in the Netherlands, Asia, and the United States.
The White & Case team which advised on the transaction was led by partners Jan Jensen and Henrik Wireklint (both Stockholm) and included partners Caroline Sherrell (London), Carl Hugo Parment, Martin Järvengren (both Stockholm), Tilman Kuhn (Dusseldorf) and Laura Hoyland (Berlin), counsel Michal Bark-Jones (Stockholm), Sara Nordin (Brussels) and Paul Harrington (London), and associates Marcus Halling, Alexander Berlin-Jarhamn, Josephine Martinsson, Carl Runesson, Johanna Wagner, Daniel Agnemyr, Omid Dares, Minna Horwitz (all Stockholm), Louse Lundberg (Brussels), Heidi Blomqvist, Emma Barker, Josephine Levick (all London) and Martin Braun (Dusseldorf).
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